32 INVENTORIES Group 2024 2023 RM’000 RM’000 At cost: – Finished goods 1,153,278 812,153 – Raw materials 940,180 466,827 – Work in progress 74,265 57,460 – Chemicals 56,348 77,029 – Stores, consumables and replaceable products 96,013 71,686 At net realisable value: – Finished goods 5,567 56,134 – Raw materials 441 36,733 – Work in progress 577 29,552 – Stores, consumables and replaceable products 3,350 19,337 2,330,019 1,626,911 The impact of write downs of inventories to net realisable value amounted to RM4,273,000 (2023: RM3,499,000). The recognised amount is included in the cost of sales in the statements of profit or loss. 33 CONTRACT ASSETS The Group’s contract assets relating to the provision of IT services and service rendered as at financial year end can be summarised as follows: Group 2024 2023 RM’000 RM’000 Contract assets At 1 January 27,600 49,280 Performance obligations performed 97,331 42,260 Transfer from contract assets to receivables (108,679) (63,940) 16,252 27,600 Loss allowance (980) (1,461) At 31 December 15,272 26,139 FGV Holdings Berhad | Audited Financial Statements 2024 Notes to the Financial Statements For the financial year ended 31 December 2024 150
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